GRC Archives - Compliance Education Institute

Realigned Your Vendor Management Program Lately? The Effects and Benefits of a Global Paradigm Shift

As a company that specializes in 3rd Party Risk Management education & training, automated solutions, and consulting, we witnessed the pandemic cause many institutions to scramble to identify their vendors, search for contracts, wonder about their vendors’ capacity and resilience, business continuity plans, and financial viability during this unprecedented time. Those who felt they were not [...]

2021-06-08T07:59:51-04:00June 8th, 2021|3rd Party Risk, Business Continuity, ERM, Governance, GRC, Risk, TPRM, Vendor Management|0 Comments

The Business Case for Assessing Vendor Performance

The Business Case for Assessing Vendor Performance © Compliance Education Institute While many of us continue to analyze our vendor inventories and our vendors’ Disaster Recovery, Business Continuity and Pandemic Plan plans as we manage through the COVID-19, we should also be scrutinizing contracts for Service Level Agreements (SLA’s), the quantitative measurable metrics to which vendors [...]

2020-06-03T09:59:48-04:00June 3rd, 2020|3rd Party Risk, Audit, Compliance, GRC, Performance, Risk, SPM, Supplier Performance Management, Vendor Management|0 Comments

NY DFS Cybersecurity Regulation: Are your 3rd Party Controls in Place Before the Hammer Drops?

With the March 1, 2019 deadline looming for complying with NY’s Cybersecurity regulation, the NY DFS must be licking its chops at the prospect of imposing fines. Actually, I’m sure they really hope that all covered entities are up to snuff and have sent in their signed certifications or exemptions. “Signed certifications or exemptions?” you ask. [...]

2019-02-11T13:07:45-05:00February 11th, 2019|3rd Party Risk, Audit, BCP, Business Continuity, Compliance, ERM, Governance, GRC, Information Security, Risk, Vendor Management|0 Comments

You’re Not Too Small for Multiple Lines of Defense

Classic risk management employs 3 lines of defense. But there's also a possible 4th line when it comes to regulatory issues, specifically vendor management. Please note that I have seen multiple titles that fit the roles below so don't get hung up on the titles. If you're a smaller institution and you wear multiple hats, you [...]

2017-03-16T12:49:14-04:00October 16th, 2016|3rd Party Risk, Audit, Compliance, ERM, Governance, GRC, Risk, Vendor Management|0 Comments

No such thing as Vendor Risk!

Alright, so I'm going out on a limb to get some feedback and I hope that those of you reading this will do so. In our advanced Certified Regulatory Vendor Program Manager (CRVPM Level II) course, I note that there has been a great deal of focus in the industry on Vendor Risk/Third Party Risk but... [...]

2017-03-16T12:50:23-04:00August 16th, 2016|3rd Party Risk, ERM, Governance, GRC, Risk, Vendor Management|0 Comments

Are your vendors delivering value beyond just meeting SLA’s? How are you measuring their value?

How do you measure your vendor's value? s vendor management programs mature, we need to understand the value a vendor delivers beyond meeting its Service Level Agreements. While we frequently outsource significant functions (critical and high risk) because a vendor can help us meet our strategic goals, including doing something better/faster/cheaper, what else are we obtaining [...]

2017-03-16T12:51:57-04:00May 22nd, 2016|3rd Party Risk, Compliance, ERM, GRC, Risk, Vendor Management|0 Comments

Critical Vendor or Critical FUNCTION?

You have HOW MANY critical vendors?!?!?!?!? I always find the perception of CRITICAL VENDOR to be very interesting. As Certified Regulatory Vendor Program Managers (CRVPM) know, when reviewing vendor management programs we typically see way too many vendors listed as critical, usually for a couple of reasons; 1) either the business unit thinks that their vendors [...]

2017-03-16T12:55:25-04:00March 24th, 2016|3rd Party Risk, Audit, ERM, GRC, Risk, Vendor Management|0 Comments

Reassessing Vendor Risk – An Ongoing Necessity

So you've done your initial INHERENT risk rating of your vendor and then conducted your due diligence to determine the RESIDUAL risk and you're comfortable doing business with the vendor so you sign a contract. A year from now you plan to conduct the periodic review. But a number of things might have occurred from the [...]

2017-03-16T12:58:50-04:00February 9th, 2016|3rd Party Risk, Audit, ERM, GRC, Risk, Vendor Management|0 Comments

Plan Your Exit Before You Outsource!

When considering outsourcing a service, it's essential to have an Exit Strategy in place so that you can transition the service to another vendor or bring it back in house prior to or at the end of the contract term. This should be done before you even consider searching for a vendor. A well thought out [...]

2017-03-16T13:01:16-04:00January 26th, 2016|3rd Party Risk, Audit, BCP, Business Continuity, ERM, Governance, GRC, Risk, Vendor Management|0 Comments